From BlockFi to Mt. Gox, the three largest crypto exchange hacks that every trader needs to know
What is Bitcoin?
Bitcoin is a new currency created in 2009
The idea was to produce a mean of exchange without central authority,
that could be transferred electronically in a secure
verifiable and immutable way.
The primary value proposition is that
there is no government, institution or other authority controlling.
Owners are anonymous.
The supply is tightly controlled by underlying algorithm
Small number of new Bitcoins
keeps on trickle out hourly and diminish
when the rate of maximum 21 million has been reached.
Bitcoin transactions cannot be reversed
because there is no central “adjudicator”
It can only be modified when an hour has passed
and it was recorded on network
The smallest unit of a bitcoin is called a satoshi.
This could conceivably enable micro-transactions
that traditional electronic money cannot
making everyday purchases easier.